Quadria Capital closes over a $1B fund

Quadria Capital on Tuesday announced the final close of its third healthcare-focused fund at $1.07 billion, exceeding its original target of $800 million. The oversubscribed fund includes $954 million in primary capital and $114 million in co-investment commitments, with an additional $300 million expected during the investment phase.

The fundraise positions Quadria Capital as the largest dedicated healthcare private equity player in South and Southeast Asia, with capital aimed at scaling healthcare businesses across the region.

The announcement comes at a time when Asia’s healthcare sector is drawing heightened global interest. According to a recent Boston Consulting Group (BCG) report, the Asia-Pacific healthcare market is expected to reach nearly $5 trillion by 2030, contributing 40% to global healthcare growth. The region—home to 60% of the world’s population—accounts for just 22% of global healthcare spending, revealing significant untapped potential.

“Fund III’s close, amid one of the most demanding fundraising climates in recent memory, is a powerful validation of our strategy and our mission,” said Abrar Mir, Co-founder and Managing Partner, Quadria Capital. “It reflects deep global investor conviction in the transformational opportunity in Asian healthcare, where social impact and financial performance go hand in hand.”

Quadria's new fund has already deployed about 40% of its capital in companies such as Aragen Life Sciences (a global CRDMO), NephroPlus (Asia’s largest dialysis chain), and Maxivision Eye Hospitals. Two more deals in Southeast Asia are expected in the near term.

In alignment with sector trends highlighted by BCG, Quadria is targeting areas such as single-speciality hospitals, diagnostics, pharma manufacturing (including APIs and CDMOs), and digitally enabled health platforms. The BCG report points to a surge in digital health adoption across India and Southeast Asia, with platforms like PharmEasy and MediBuddy experiencing multi-fold growth in user base since 2019.

“Asia is entering a golden decade of healthcare transformation,” said Dr. Amit Varma, Co-founder and Managing Partner at Quadria. “Our investment philosophy centres on forging deep partnerships with visionary healthcare leaders and supporting them with strategic guidance and operational expertise.”

As foreign direct investment in Asia’s healthcare sector continues to grow and demographic shifts accelerate demand for services, including elder care and chronic disease management, Quadria’s fund is well-positioned to support scalable, impact-driven businesses. Analysts believe the convergence of technology, affordability, and accessibility is reshaping healthcare delivery across Asia, opening up a range of investable opportunities.

Founded in 2012, Quadria Capital now manages more than $4 billion in assets and has backed 27 healthcare businesses across India, Vietnam, Indonesia, Malaysia, and Singapore.